Question: Part I (60 points): Please briefly explain your responses. 1. Russia has experienced the worst drought in 50 years causing significantly reduced harvests and a

Part I (60 points): Please briefly explain your responses. 1. Russia has experienced the worst drought in 50 years causing significantly reduced harvests and a dramatic rise in the prices of key foods. According to Bloomberg news they are considering setting price ceilings for 24 staple food items. (http://www.bloomberg.com/news/2010-09-14/russia-may-set-price-ceiling-for-staple-foods-as-drought-fuels-inflation.htmll) Do you see any problem with their strategy? Include a demand

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